View of part of the Fujairah Corniche and the Hajar Mountains in the Background

Thursday, February 12, 2009

UAE Building Projects Cancelled or on Hold

The global financial crisis has caused a slowdown in construction in the UAE, and many developers have either cancelled or put their project on hold.

Proleads recently reported that more than 50% of civil project in the UAE is currently on hold, worth a combined total of $582 billion.

Meed and Zawya have assembled a list of these projects, each valued at $500 million or more, that have been put on hold or cancelled. Below you will find the list sorted by the estimated cost:

Nakheel Harbour & Tower ($38 billion) - Nakheel Corporation - On hold
Al Salam City ($8.2bn) - Al Rajhi Group/Tameer Holding - On hold
Asia-Asia Hotel ($3.27bn) - Tatweer - On hold
Al Salam City (Phase 1) ($2.70bn) - Al Rajhi Group/Tameer Holding - On hold
Dolphin City - $1.70bn - Emirates German Group - On hold
Western Region Aluminium Smelter Power Plant ($1.5bn) -Abu Dhabi Water & Electricity Authority - On hold
Nad El Sheba Race Course ($1.3bn) - Meydan LLC - Cancelled
Mina Rashid Redevelopment ($1bn) - Nakheel Corporation - On hold
Aqua Dunya (Dubailand) Phase 2 ($950 million) -Aqua Dunya - On hold
Aqua Dunya (Dubailand) Phase1 ($950 million) - Aqua Dunya - On hold
Investment Corp of Dubai ($817 million) - Investment Corp of Dubai - On hold
High Rise Boulevard ($817 million) - High Rise Real Estate - On hold
Anara - ($800 million) - Tameer Holding - On hold
Plaza Major (Jumeirah Village) ($800 million) -Tasees, Makaseb Holding, Ishraqah - On hold
Falcon City of Wonders (Dubailand) ($680 million)- ETA Star - Cancelled
Atrium Project ($654 million) - Sunland Group - On hold for redesign
Palm Deira: mixed-use building project ($600 million) - Nakheel Corporation - On hold
Palm Trump Hotel & Tower ($600 million) -Nakheel Hotel & Resorts and The Trump Organisation - On hold
The Vantage ($545 million) -Cirrus Developments LLC - On hold
Light Rail & Tramway (Dubai Waterfront) ($500 million) -Nakheel Corporation - On hold
Rotating Tower (Jebel Ali) ($500 million) - Merjen Group - On hold

Source and with thanks: UAE Rush, Projects on Hold, 11 February 2009.

This report explains the huge numbers of people whose visas have been cancelled and who have been flown home.

Dr Geoff Pound

Image: Dubai skyline.